NEW YORK -- The new year is only a couple days old, and already the number of venture-backed initial public offerings taking their place on line to make their stock market debut has more than doubled with a tech filing from Omneon Video Networks.

Hailing mostly from the tech sector, the ranks of venture-backed IPOs increased to 36 as of Jan. 2, up from 16 in the same date a year ago. However, that's still down from 51 at the start of the busy fourth quarter 2006, according to a survey by the National Venture Capital Association and Thomson Financial.

National Venture Capital Asssociation President Mark Heesen said an overhaul of the Sarbanes-Oxley law could help small companies eying IPOs.

"There is the potential to see measurable Sarbanes-Oxley relief for smaller companies in 2007, which would be a welcome boost for the U.S. IPO market," he stated.

He added, "In absence of this reform, however, venture capitalists will look at other liquidity paths — foreign exchanges or sale to financial intermediaries — as viable exit alternatives in the coming year."

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According to Dow Jones VentureOne, the fourth quarter 2006 was the best for the year for U.S. venture-backed companies — 18 IPOs raised a total of $1.23 billion.

A total of 56 venture-backed IPOs raised $3.72 billion in 2006, reportedly the most IPO activity and largest total raised since 2004.

Dow Jones VentureOne also reported that venture-backed exits via mergers and acquisitions totaled 75 in the fourth quarter 2006, the lowest level of the year.

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